Mendon took her diamond ring to a jeweler to have it resized and arranged to pick it up in three days. When she returned, she discovered that a salesperson had sold her ring to a customer who was looking for a used diamond. To legally reclaim the ring from the customer, Mendon would need to prove that the
a. customer was not satisfied with the ring.
b. salesperson was dishonest.
c. customer did not purchase the ring in good faith.
d. customer failed to inform the salesperson that the ring was not for resale.
C
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An attorney-in-fact is the label given to an agent whose authority is:
A. assumed after the death of the principal. B. in writing. C. apparent. D. implied.
Which of the following is not true regarding appropriate tests of controls?
a. The auditor selects controls that are important to the auditor's conclusion about whether the organization's controls adequately address the assessed risk of material misstatement for the relevant debt and equity accounts. b. The client's audit committee selects controls that are important to the auditor's conclusion about whether the organization's controls adequately address the assessed risk of material misstatement for the relevant debt and equity accounts.as of the client's year end. c. The auditor will select both entity-wide and transaction controls for testing. d. If the auditor wants to rely on controls for the financial statement audit, the auditor would test the operating effectiveness of those controls throughout the year.
Which of the following are pleadings?
a. Complaint, summons, answer, reply. b. Interviews, discovery, witness list. c. Summons, depositions, voir dire. d. Arbitration, written interrogatories
The production cost report for Department 2 shows that $457,000 was assigned to the 51,000 units transferred to Finished Goods Inventory. Cost of goods sold equals $457,000
Indicate whether the statement is true or false